Egypt’s new FY 2023/24 budget took effect on July 1 with higher revenues and expenditures forecasted by the government.
The government plans to increase revenues to EGP 2.1 trillion in FY 2023/24, a 41% rise from the expected EGP 1.5 trillion in the current FY 2022/23. Projected expenses for FY 2023/24 are EGP 2.9 trillion, a 33.8% increase from FY 2022/23. The budget deficit is projected to be EGP 824.4 billion, accounting for 7% of the GDP, slightly higher than the 6.4% estimated in FY 2022/23. The government aims for a primary surplus of EGP 295.6 billion in FY 2024/23, equivalent to 2.5% of the GDP, which excludes debt interest payments.
